EOS Price Analysis: Key Uptrend Support Intact At $0.72

11 months ago 7

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EOS price is eyeing a fresh increase from the $0.720 support against the US Dollar.
The price is now trading near $0.780 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.790 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
The pair could continue to rise if it clears the $0.790 and $0.800 resistance levels.

EOS price is recovering above $0.720 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $0.800 resistance.

EOS Price Analysis

In the past few sessions, EOS price started a decent increase from the $0.7240 support against the US Dollar. The price was able to clear the $0.735 and $0.750 resistance levels.

The pair even climbed above the 23.6% Fib retracement level of the downward move from the $0.8800 swing high to the $0.7237 low. The price is now consolidating below key hurdles. It is trading near $0.780 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.790 level. There is also a key bearish trend line forming with resistance near $0.790 on the 4-hour chart of the EOS/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $0.8800 swing high to the $0.7237 low. The next major resistance is near the $0.800 level, above which the price might test the $0.835 level. Any more gains might send the price toward the $0.850 level. The next major hurdle sits at $0.880.

On the downside, immediate support is near the $0.755 level. The next key support is near the $0.724 level. If there is a downside break below the $0.724 support, the price could test the $0.680 support in the near term.

Looking at the chart, EOS price is now trading near the $0.780 level and the 55 simple moving average (4 hours). Overall, the price could continue to rise toward the $0.790 and $0.800 resistance levels in the near term.